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Amongst the alternate property sectors, healthcare property has recently become an important property sector for major investors such as pension funds in the global property landscape; particularly in the UK, and being driven by the ageing population demographics. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK healthcare property in a UK property and mixed-asset portfolio over 2007–2016. Both healthcare property and listed healthcare property channels are assessed. Drivers and risk factors for the on-going development of the healthcare property sector are also identified.

Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK healthcare property over 2007–2016 is assessed. An asset allocation diagram is used to assess the role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio.

Both UK healthcare property and listed healthcare property delivered superior risk-adjusted returns compared to UK property, stocks and listed property over 2007–2016, with portfolio diversification benefits in the fuller mixed-asset portfolio context, but not in a narrower property portfolio context. Importantly, this sees both UK healthcare property channels as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was not to the loss or substitution of traditional direct property exposure.

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of both UK healthcare property compared to UK property, stocks and listed property sees both UK healthcare property channels contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds) now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries. The importance of both healthcare property channels sees healthcare property exposure accessible to both small investors and large investors.

This paper is the first published empirical research analysis of the risk-adjusted performance of UK healthcare property, and the role of healthcare property in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of both healthcare property and listed healthcare property in a portfolio.

Amongst the alternative property sectors, student accommodation has recently become an important institutionalised property sector for pension funds and sovereign wealth funds in the global property landscape, particularly in the UK. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of student accommodation in a UK property and mixed-asset portfolio over 2011–2017. Drivers and risk factors for the ongoing development of the student accommodation sector are also identified. The question of student accommodation being a proxy for residential property exposure by institutional investors is also assessed.

Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK student accommodation over 2011–2017 is assessed. Asset allocation diagrams are used to assess the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio for a range of property investor types.

UK student accommodation delivered superior risk-adjusted returns compared to UK property, stocks and REITs over 2011–2017, with portfolio diversification benefits. Importantly, this sees UK student accommodation as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of student accommodation being low risk and providing diversification benefits. Student accommodation is also not seen to be a proxy for residential exposure by institutional investors.

Student accommodation is an alternative property sector that has become increasingly institutionalised in recent years. The results highlight the important role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of UK student accommodation compared to UK property, stocks and REITs over this timeframe sees UK student accommodation contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds, sovereign wealth funds) now see student accommodation as an important property sector in their overall portfolio.

This paper is the first published empirical research analysis of the risk-adjusted performance of UK student accommodation, and the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of student accommodation as an alternative property sector in a portfolio.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Socially responsible property investment (SRPI) has taken on increased significance in recent years, as property investors have given an increased priority to environmental, social and governance issues in their property investment decision making. The purpose of this paper is to establish SRPI performance indices for UK property companies and empirically benchmark their risk‐adjusted performance and portfolio diversification benefits over recent years.

Using five socially responsible investment (SRI) performance eligibility criteria, the UK property companies contributing to these SRI measures are identified. These UK property companies are used to establish a number of SRPI market cap‐weighted performance indices over 2003‐2008. These SRPI performance indices are used to assess the risk‐adjusted performance and portfolio diversification benefits of UK SRPI property companies.

This paper objectively identifies the UK property companies actively involved in SRPI and finds that the UK SRPI property companies delivered superior risk‐adjusted returns than the overall UK property companies sector, with this performance being achieved with no loss of portfolio diversification benefits.

Much of the previous SRPI research has focused on the broad concept of SRPI with no empirical analysis. This paper is the first attempt to rigorously and empirically assess the risk‐adjusted performance of UK SRPI property companies by establishing SRPI performance indices for UK property companies. Given the increasing significance of SRPI, this research enables empirically validated, more informed and practical investment decision making regarding the performance‐based supporting of the SRPI agenda by property investors.

Identifies the main sources of equity and debt finance into the three largest European property markets – France, Germany and the UK. Identifies major investment groups, and highlights differences in sources of funding and methods of debt and equity financing of property in the three countries.

The purpose of this paper is to analyse the changing nature of commercial leases with specific reference to the landlord and tenant relationship, lease lengths and incentivisation in the post-recessionary UK property market.

The research applies data analysis utilising the Estates Gazette Interactive database coupled with survey analysis conducted across three UK cities to investigate and compare the changing nature of the commercial property leasing market and the landlord and tenant relationship.

The empirical analysis highlights that recessionary conditions prevalent in the market from the 2007 global crisis has caused a reassessment of lease structures, leading to shorter lease terms and increased use of incentives, as tenants have been empowered to negotiate more flexible leases due to their stronger market position.

This paper builds upon previous research conducted back in 2005, investigating commercial leases in the market up-cycle. The recent volatility in the commercial property sector requires fresh insights and in-depth analysis of lease patterns, length and covenant strength, which is fundamental for investor decision-making. In addition, past research has tended to consider solely landlord or occupier perspectives, whereas this research offers new insight into the landlord–tenant lease negotiation process.

Progress in retrofitting the UK's commercial properties continues to be slow and fragmented. New research from the UK and USA suggests that radical changes are needed to drive large-scale retrofitting, and that new and innovative models of financing can create new opportunities. The purpose of this paper is to offer insights into the terminology of retrofit and the changes in UK policy and practice that are needed to scale up activity in the sector.

The paper reviews and synthesises key published research into commercial property retrofitting in the UK and USA and also draws on policy and practice from the EU and Australia.

The paper provides a definition of “retrofit”, and compares and contrasts this with “refurbishment” and “renovation” in an international context. The paper summarises key findings from recent research and suggests that there are a number of policy and practice measures which need to be implemented in the UK for commercial retrofitting to succeed at scale. These include improved funding vehicles for retrofit; better transparency in actual energy performance; and consistency in measurement, verification and assessment standards.

Policy and practice in the UK needs to change if large-scale commercial property retrofit is to be rolled out successfully. This requires mandatory legislation underpinned by incentives and penalties for non-compliance.

This paper synthesises recent research to provide a set of policy and practice recommendations which draw on international experience, and can assist on implementation in the UK.